[Federal Register Volume 61, Number 35 (Wednesday, February 21, 1996)]
[Notices]
[Page 6683]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-3810]
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DEPARTMENT OF TRANSPORTATION
Federal Highway Administration
Federal Railroad Administration
Federal Transit Administration
Participation in the State Infrastructure Bank Pilot Program
AGENCY: Federal Highway Administration (FHWA), Federal Railroad
Administration (FRA), and Federal Transit Administration (FTA),
Department of Transportation.
ACTION: Notice.
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SUMMARY: This notice extends USDOT's open invitation to States to make
applications for participation in the State Infrastructure Bank (SIB)
Pilot Program established by the National Highway System Designation
Act of 1995 (the Act). This notice also sets a deadline for
applications of March 8, 1996. If a State has already filed an
application, it may be amended, updated, or replaced at any time prior
to the deadline. The USDOT published the initial solicitation for the
Pilot Program in the Federal Register on December 28, 1995 (60 FR
67159). Application instructions were issued on January 8, 1996.
DATES: Applications for participation must be postmarked by March 8,
1996.
FOR FURTHER INFORMATION CONTACT: Ms. Cynthia Burbank, FHWA Office of
Policy Development, (202) 366-9208; Mr. John Paolella, FRA Office of
Policy and Program Development; (202) 366-0380; or Mr. Richard
Steinmann, FTA Office of Budget and Policy, (202) 366-4060. Application
requests and specific questions regarding the SIB Pilot Program may
also be directed to the Divisional or Regional Offices of FHWA, FRA, or
FTA.
SUPPLEMENTARY INFORMATION: The NHS Act requires that the Secretary
review the Pilot Program, review the financial condition of each SIB,
and provide recommendations to Congress as to whether the program
should be expanded or modified. The report to Congress is due no later
than March 1, 1997. The December 28, 1995, Federal Register notice (60
FR 67159) describes SIBs and provides Pilot Program application
guidance. As of February 2, 1996, the USDOT received applications and
letters of intent from more than ten States. Therefore, to provide
access to SIB opportunities, to maximize the effectiveness of the Pilot
Program, and to ensure that Congress has for review the best examples
of the States' ability to employ innovative financing techniques, the
USDOT will forego the rolling approval process originally contemplated.
Pursuant to Section 350 of the Act, USDOT is authorized to enter into
agreements with up to ten States to establish SIBs or multistate
infrastructure banks. Based upon the applications received, the USDOT
will expedite a criteria-based selection of the Pilot States following
the filing deadline.
The USDOT emphasizes the following selection criteria:
1. The types of assistance to be provided by the SIB (e.g., loans,
credit enhancements, capital reserves for debt financing, interest rate
subsidies, letters of credit);
2. Identification of projects to be advanced as a result of a Pilot
designation;
3. Status of any enabling legislation, if required by a State prior to
establishing a SIB;
4. How the SIB relates to other innovative financing efforts underway
or planned by States;
5. The relationship of the projects proposed for the SIB to the
Statewide Transportation Plan, the approved State Transportation
Improvement Program (STIP) and any other Federally required plans;
6. How the SIB will more effectively use Federal monies;
7. The sources of funds that will be used to capitalize the SIB (CMAQ
and ISTEA demonstration funds cannot be used), including the
availability of non-Federal matching funds required by Section 350(e);
8. The proposed institutional framework for the SIB;
9. Proposed mechanisms and internal procedures to monitor and/or track
the flow of Federal funds to accounts in the SIB and the State's
preferred reporting procedures to USDOT, given that Section 350
requires maintenance of separate accounts for highways and transit; and
10. The use of a SIB to facilitate development of intermodal or
multistate projects.
To assist States in completing their applications, additional
guidance on these criteria is provided in the SIB application
instructions. Interested States should request a copy of these
instructions. Copies of the enabling legislation (Section 350) will be
provided with the instructions, which are available from the USDOT
contact persons referenced in this notice, or any Divisional or
Regional Office of FHWA, FRA, or FTA. USDOT and its modal
administrations may seek further clarification of SIB applications in
writing or through an informal interview process with States.
Authority: Pub. L. 104-59, Sec. 350, 109 Stat. 568, 618-622
(1995).
Issued on: February 14, 1996.
Rodney E. Slater,
Federal Highway Administrator.
Issued on: February 14, 1996.
Jolene M. Molitoris,
Federal Railroad Administrator.
Issued on: February 14, 1996.
Gordon J. Linton,
Federal Transit Administrator.
[FR Doc. 96-3810 Filed 2-20-96; 8:45 am]
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